The call presents a broadly positive operational story: strong, broad-based revenue growth (FY revenue +42.5%), substantial segment-level expansions (cloud and live streaming with triple-digit Q4 YoY growth), improved operating income and a solid cash position. However, meaningful challenges remain: margin compression from a lower-margin revenue mix, materially higher costs (bandwidth and revenue-sharing), heavy sales & marketing spend, declining non-GAAP profitability, and quarter-to-quarter GAAP volatility driven by large investment fair value movements. Strategic moves (50% OneThing sale, Hupu acquisition) are positioned to sharpen focus and capital efficiency but introduce execution and near-term revenue capture uncertainty. Overall, the positive momentum in top-line growth and operating improvement outweigh the lowlights, although investors should monitor margin trends, investment revaluation volatility, and clarity on reported segment figures.

Company Guidance

Management guided that proceeds from the recent transaction will be deployed to R&D and product upgrades (notably cloud acceleration and overseas audio live streaming), market expansion and brand promotion, and to optimize the company’s capital structure while retaining flexibility to pursue shareholder returns (timing to depend on business performance and market conditions, including the lock‑up on the ArashiVision stake); supporting metrics cited on the call include Q4 revenue of $143.3M (+17% YoY) with subscription revenue $42.1M (+22.4%), cloud computing $46.1M (+102.7%) and live streaming/other $55.1M (+102.8%), full‑year 2025 revenue $462.4M (+42.5%) with subscription $154.8M (+15.8%), cloud $137.4M (+31.4%) and live streaming up ~97.5% (management also referenced a FY live‑streaming figure of $170.2M), a cash balance of roughly $305M, a 50% divestiture of OneThing, and share‑repurchase activity of ~$1M in 2025 (435k ADS) and ~$6.5M since June 4, 2024.

Strong Top-Line Growth

Total revenue for FY2025 was $462.4M, up 42.5% YoY; Q4 2025 revenue was $143.3M, up 17% YoY — growth was broad-based across major business lines.

Robust Subscription Performance

Subscription revenue Q4: $42.1M, up 22.4% YoY; FY2025 subscription revenue: $154.8M, up 15.8% YoY — subscription remains a stable core asset and growth driver.

Cloud Computing Turnaround

Cloud computing revenue Q4: $46.1M, up 102.7% YoY; FY cloud revenue: $137.4M, up 31.4% YoY — management highlights increased demand and a strategic 50% stake sale in OneThing to optimize capital and partner capabilities.

Rapid Live-Streaming / IVAS Growth

Live streaming and other IVAS revenue Q4: $55.1M, up 102.8% YoY; segment YoY growth cited at ~97.5% for the full year — growth driven by overseas audio live streaming expansion, advertising and the Hupu acquisition.

Operating Profit Turnaround

Operating income improved to $4.7M in Q4 (vs. operating loss of $20.5M prior-year Q4) and to $6.6M for FY2025 (vs. operating loss of $15.7M in FY2024), aided by higher gross profit and absence of a prior goodwill impairment.

Improved Cash Position and Capital Actions

Cash, cash equivalents and short-term investments roughly $305M (end of December 2025), up from ~$287.5M at end of 2024; ongoing share buyback program (spent ~$1M in 2025; ~$6.5M total since inception).

Strategic Portfolio Actions

Completed strategic initiatives: sold 50% of OneThing to a cloud partner to improve capital efficiency and focus resources on subscription and overseas live streaming; acquired Hupu in 2025 to boost advertising and engagement.

Xunlei (XNET) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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XNET Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 14, 2026	2026 (Q1)	- / -	-0.013	―	―	―
Mar 12, 2026	2025 (Q4)	- / -3.66	-0.155	-2259.35% (-3.50)	―
Nov 13, 2025	2025 (Q3)	- / 8.61	0.073	11700.00% (+8.54)	―
Aug 14, 2025	2025 (Q2)	- / 11.52	0.043	26697.67% (+11.48)	―
May 15, 2025	2025 (Q1)	- / -0.01	0.056	-123.21% (-0.07)	―
Mar 13, 2025	2024 (Q4)	- / -0.15	0.057	-371.93% (-0.21)	―
Nov 14, 2024	2024 (Q3)	- / 0.07	0.067	8.96% (<+0.01)	―
Aug 13, 2024	2024 (Q2)	- / 0.04	0.075	-42.67% (-0.03)	―
May 16, 2024	2024 (Q1)	- / 0.06	0.018	211.11% (+0.04)	―
Mar 14, 2024	2023 (Q4)	- / 0.06	0.025	128.00% (+0.03)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

XNET Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 12, 2026	$6.04	$6.56	+8.61%
Nov 13, 2025	$7.98	$7.80	-2.26%
Aug 14, 2025	$4.48	$5.05	+12.72%
May 15, 2025	$4.60	$4.79	+4.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Xunlei Ltd (XNET) report earnings?

Xunlei Ltd (XNET) is schdueled to report earning on May 14, 2026, Before Open (Confirmed).

What is Xunlei Ltd (XNET) earnings time?

Xunlei Ltd (XNET) earnings time is at May 14, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

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What is XNET EPS forecast?

Currently, no data Available